BRISTOL MYERS SQUIBB CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BRISTOL MYERS SQUIBB CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19,427	20,776	22,561	26,145	42,518	46,385	46,159	45,006	48,300	48,194
Cost of revenue	4,969	6,014	6,467	8,078	11,773	9,940	10,137	10,693	13,968	13,936
Gross profit	14,481	14,682	16,094	18,067	30,745	36,445	36,022	34,313	34,332	34,258
Research and development	5,012	6,468	6,332	6,148	10,048	10,195	9,509	9,299	11,159	9,951
Selling, general and administrative	4,979	4,751	4,551	4,871	7,661	7,690	7,814	7,772	8,414	7,267
Selling and marketing	789	740	672	633	990	1,300	1,300	1,400	1,500	1,300
Interest expense	167	196	183	656	1,420	1,334	1,232	1,166	1,947	1,891
Interest income	97	126	173	464	121	39	171	449	478	586
Other non-operating income	1,448	1,685	854	-938	2,314	720	-576	1,158	-893	-674
Pre-tax income	5,915	5,131	5,968	4,975	-6,871	8,098	7,713	8,440	-8,379	9,328
Income tax	1,408	4,156	1,021	1,515	2,124	1,084	1,368	400	554	2,272
Net income to minority interests	50	-32	27	21	20	20	18
Net income	4,457	1,007	4,920	3,439	-9,015	6,994	6,327	8,025	-8,948	7,054
EPS, basic	2.67	0.61	3.01	2.02	-3.99	3.15	2.97	3.88	-4.41	3.47
EPS, diluted	2.65	0.61	3.01	2.01	-3.99	3.12	2.95	3.86	-4.41	3.46
Shares, basic (weighted)	1,671	1,645	1,633	1,705	2,258	2,221	2,130	2,069	2,027	2,034
Shares, diluted (weighted)	1,680	1,652	1,637	1,712	2,258	2,245	2,146	2,078	2,027	2,039
Dividend per share	1.53	1.57	1.61	1.68	1.84	2.01	2.19	2.31	2.42	2.49

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,237	5,421	6,911	12,346	14,546	13,979	9,123	11,464	10,346	10,209
Short-term investments	2,113	1,391	1,848	3,047	1,285	2,987	130	816	513	464
Receivables	3,774	4,347	4,636	6,476	7,219	7,979	8,151	8,882	9,012	9,592
Inventory	1,241	1,166	1,195	4,293	2,074	2,095	2,339	2,662	2,557	2,690
Other current assets	570	576	2,015	1,983	3,786	4,832	5,795	5,907	5,617	4,613
Total current assets	13,704	14,854	17,716	29,354	30,192	33,262	27,273	31,770	29,780	29,390
Property, plant and equipment	4,980	5,001	5,027	6,252	5,886	6,049	6,255	6,646	7,136	7,543
Lease right-of-use assets			0	704	859	919	1,220	1,390	1,224	1,582
Goodwill	6,875	6,863	6,538	22,488	20,547	20,502	21,149	21,169	21,719	21,754
Intangible assets	1,385	1,210	1,091	63,969	53,243	42,527	35,859	27,072	23,307	19,103
Long-term investments	2,719	2,480	1,775	767	433	0	0	364	320	396
Other non-current assets	1,048	1,533	2,024	6,604	7,019	5,535	4,940	5,370	6,105	6,474
Total assets	33,707	33,551	34,986	129,944	118,481	109,314	96,820	95,159	92,603	90,038
Accounts payable	1,664	2,248	1,892	2,445	2,713	2,949	3,040	3,259	3,602	3,575
Accrued liabilities	5,271	6,014	6,489	1,457	1,412	1,375	1,425	1,291	1,694	1,561
Short-term debt	992	987	1,703	3,346	2,340	4,948	4,264	3,119	2,046	2,261
Total current liabilities	8,841	9,563	10,654	18,304	19,080	21,868	21,890	22,262	23,774	23,417
Long-term debt	5,716	6,975	5,646	43,387	48,336	39,605	35,056	36,653	47,603	42,850
Lease liabilities			0	672	833	874	1,261	1,530	1,370	1,826
Other non-current liabilities	1,283	1,164	4,540	10,101	7,776	7,334	6,590	6,421	4,469	5,043
Total liabilities	17,360	21,704	20,859	78,246	80,599	73,308	65,702	65,674	76,215	71,533
Total debt	6,465	6,975	6,895	46,150	50,336	44,369	38,953	39,526	49,431	44,827
Paid-in capital	1,725	1,898	2,081	43,709	44,325	44,361	45,165	45,684	46,024	46,387
Retained earnings	33,513	31,160	34,065	34,474	21,281	23,820	25,503	28,766	14,912	16,896
Treasury stock	-16,779	-19,249	-19,574	-25,357	-26,237	-31,259	-38,618	-43,766	-43,655	-43,579
Other comprehensive income	-2,503	-2,289	-2,762	-1,520	-1,839	-1,268	-1,281	-1,546	-1,238	-1,524
Shareholders' equity	16,177	11,741	14,031	51,598	37,822	35,946	31,061	29,430	16,335	18,473
Minority interests	170	106	96	100	60	60	57	55	53	33
Total equity	16,347	11,847	14,127	51,698	37,882	36,006	31,118	29,485	16,388	18,506
Total liabilities and equity	33,707	33,551	34,986	129,944	118,481	109,314	96,820	95,159	92,603	90,038

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,507	975	4,947	3,460	-8,995	7,014	6,345	8,040	-8,933	7,055
Depreciation and amortization	382	789	637	1,746	10,380	10,686	10,276	9,760	9,600	4,011
Stock-based compensation	205	199	221	441	779	583	457	518	507	553
Deferred income tax	-204	453	45	-924	983	-1,393	-2,738	-3,288	-2,089	-965
Change in receivables	-803	-431	-429	752	-646	-1,054	-663	-995	264	-295
Change in inventory	-152	-29	-216	463	2,672	13	-69	-751	-486	-184
Change in payables	104	320	-59	229	188	245	109	198	184	-2
Cash from operations	3,058	5,275	7,066	8,210	14,052	16,207	13,066	13,860	15,190	14,156
Capital expenditures	-1,215	-1,055	-951	-836	-753	-973	-1,118	-1,209	-1,248	-1,311
Acquisitions	-359	-726	-2,372	-24,777	-13,084	-1,610	-4,286	-1,169	-21,821	-3,944
Purchases of investments	-3,089	-5,419	-2,305	-3,961	-4,172	-5,478	-3,592	-1,774	-769	-2,000
Cash from investing	1,480	-66	-2,000	-9,913	-10,859	-538	-1,062	-2,295	-21,352	-4,132
Debt issued	0	1,488	0	26,778	6,945	0	5,926	4,455	12,883	5,740
Debt repaid	-15	-1,224	-5	-9,256	-2,750	-6,022	-11,431	-3,879	-2,873	-10,940
Share buybacks	-231	-2,469	-320	-7,300	-1,546	-6,287	-8,001	-5,155	0	0
Dividends paid	-2,547	-2,577	-2,613	-2,679	-4,075	-4,396	-4,634	-4,744	-4,863	-5,045
Cash from financing	-2,653	-4,077	-3,535	7,621	-1,151	-16,224	-16,962	-9,416	5,127	-10,348
Exchange rate effect	-33	52	-41	-9	111	-102	-33	45	-137	195
Net change in cash	1,852	1,184	1,490	5,909	2,153	-657	-4,991	2,194	-1,172	-129
Free cash flow	1,843	4,220	6,115	7,374	13,299	15,234	11,948	12,651	13,942	12,845
Interest paid	191	221	218	414	1,600	1,500	1,400	1,200	1,800	2,100
Income taxes paid	2,000	546	747	1,500	3,400	3,500	5,400	4,300	3,900	3,264

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $62.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	70.2%	Gross profit / revenue.
Pre-tax margin	24.2%	Pre-tax income / revenue.
Net margin	18.9%	Net income / revenue.
FCF margin	23.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.0%	Cash from operations / revenue.
Effective tax rate	22.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	41.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.6%	Net income / average total assets.
R&D / revenue	21.8%	Research and development expense / revenue.
SG&A / revenue	15.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	3.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	3.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	5.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-6.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	2.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-13.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.53x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.92x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	48.9%	Total debt / total assets.
Liabilities / assets	74.5%	Total liabilities / total assets.
Net debt	$31.79B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$9.92B	Current assets - current liabilities.
Goodwill and intangibles / assets	44.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$16.81B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	6.31x	Revenue / average property, plant and equipment.
Inventory turnover	5.36x	Cost of revenue / average inventory.
Days inventory	68 days	365 x average inventory / cost of revenue.
Receivables turnover	5.42x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	103 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	32 days	Days inventory + days sales outstanding - days payables.
FCF conversion	123.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.02	Revenue / diluted weighted shares.
FCF per share	$5.59	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.24	Cash from operations / diluted weighted shares.
Book value per share	$10.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.21	Tangible book value / shares outstanding.
Cash per share	$5.40	(Cash + short-term investments) / shares outstanding.
Payout ratio	54.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	44.5%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$128.41B	Share price x shares outstanding.
Enterprise value	$160.20B	Market cap + total debt - cash - short-term investments.
P/E	13.8x	Market cap / net income. Only when net income is positive.
P/S	2.61x	Market cap / revenue.
P/B	5.75x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.0x	Market cap / cash from operations, when positive.
EV/Sales	3.26x	Enterprise value / revenue.
EV/FCF	14.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.9%	Free cash flow / market cap.
Earnings yield	7.2%	Net income / market cap (the inverse of P/E).
Dividend yield	4.0%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.
PEG	2.53x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BRISTOL MYERS SQUIBB CO's revenue in fiscal 2025?

BRISTOL MYERS SQUIBB CO reported revenue of $48.19B for fiscal 2025, 0.2% lower than the year before.

Was BRISTOL MYERS SQUIBB CO profitable in fiscal 2025?

Yes. Net income was $7.05B, a net margin of 14.6%.

How much free cash flow did BRISTOL MYERS SQUIBB CO generate in fiscal 2025?

Cash from operations of $14.16B minus capital expenditures of $1.31B left free cash flow of $12.85B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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